Icahn Enterprises Activist Presentation Deck

THE BOARD'S BRAZEN ATTEMPTS TO MISLEAD STAKEHOLDERS The incumbent Board is pushing a false narrative that does not include the elimination of gestation crates from its supply chain X X X MCDONALD'S' CLAIMS "McDonald's takes action toward ending gestation stall use" X "By the end of 2022, the Company expects to source 85% to 90% of its U.S. pork volumes from sows not housed in gestation crates during pregnancy" X "Despite industry-wide challenges [...], the Company expects 100% of its U.S. pork will come from sows housed in groups during pregnancy by the end of 2024" X "The Company sources only approximately 1% of U.S. pork production [...]" X "[...]it's noteworthy that Mr. Icahn has not publicly called on Viskase to adopt commitments similar to those of McDonald's 2012 commitment" "[...] sourcing from this niche market [...] would significantly increase those costs" "This presents a challenge of supply. What Mr. Icahn is demanding from McDonald's and other companies is completely unfeasible" CAWS İ THE REALITY: MCDONALD'S' MISLEADING LANGUAGE After initially committing to "ending" the use of gestation crates in its supply chains, McDonald's today permits the use of gestation stalls McDonald's allows sows to be housed in crates until they are confirmed to be pregnant, which can take up to six weeks of their 16-week pregnancy We believe McDonald's is underestimating its significant influence over U.S. pork suppliers and can take a meaningful stand on this industry issue if it really cared to While McDonald's would like stakeholders to believe it is merely two years behind on its goal, it has completely changed its goal from the elimination of gestation crates to reducing the amount of time sows are housed in gestation crates Viskase does not buy or process any meat or poultry products and has no control over the treatment of livestock in the food supply chain unlike McDonald's, which purchases nearly 300 million pounds of pork each year in the U.S. alone The truth is McDonald's had 10 years to act and produce a sustainable solution, which does not include putting a strain on customers' wallets 4% of the U.S. pork industry is already in compliance with Proposition 12's gestation crate-free requirements and producers like Hormel, Tyson, Seaboard Perdue have all publicly stated they can provide compliant pork, which proves how our request can be accomplished at scale over time 8

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